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Analyst commentary says February lean hog futures rallied toward contract highs, while the CME lean hog index fell to $78.60, its lowest in almost a year. USDA's quarterly Hogs and Pigs report showed the December 1 hog herd 1.8% below a year earlier and below pre-report estimates.
A smaller-than-expected US breeding herd points to tighter future hog supply, supportive for hog prices and feed demand, though weak cash prices cap the upside.
thepigsite.comJim Wyckoff More from this authorDec 30, 2022After 100 past bullish report events, Lean Hogs moved a median -0.2% over 5 sessions (49% higher; middle half -1.9% to +2.0%), and -0.4% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
